The capital raised takes the company’s fundraising total to £7.4 million, and will be used by the Surrey-based business to commercialise innovations in materials to support the growth of its integrated circuits offerings.
Surrey NanoSystems, which was formed as a spin-out from the University of Surrey, has previously secured £400,000 from IP Group through its first fundraising in January 2007, and £2.5 million from Octopus Ventures, IP Group and the University of Surrey during its second round in August 2009.
The latest injection is in the form of top-up investments from all existing investors.
David Wong, CEO of Surrey NanoSystems, comments, ‘The new funding will be used to take our proven technology to the next stage – to demonstrate it at a scale compatible with the lithography and wafer sizes used in today’s high volume semiconductor manufacture.’
As well as netting £4.5 million, the business has also appointed Lars McBride as its new chairman. McBride has previous experience as head of European mergers & acquisitions at Chase Manhattan and currently sits on the boards of six other businesses.
He adds, ‘The global importance of continued progress in semiconductors cannot be underestimated, and I am delighted to be joining a company with the potential to play such an influential role in shaping the future direction of the technology.’
Tim Bullock, co-founder of New Wave Ventures, says that the fund has long been impressed by the team at Surrey NanoSystems and its accomplishments.